Novo Benefits, a company which specialises in creating self-funded insurance solutions, has completed the acquisition of technology platform Allay.
The financial details of the transaction have not been made public.
This acquisition is part of Novo Benefits’ strategy to bring automated modelling and quoting to self-funded, mid-market health plans.
Post-merger, Allay will be re-branded as Novo Connection in order better integrate it with Novo’s existing portfolio of products.
Allay’s online platform allows advisers to model out various self-funding strategies rather than hiring a team of in-house health actuaries.
It helps the advisers understand a group’s risk, customise plan designs, and plan components, and secure competitive stop-loss coverage to match the plan designs.
Novo Benefits president Michael Poelman said: “For over a decade, Novo Benefits has been focused on making health insurance more affordable.
“The Allay platform is a game-changer that will transform the way insurance is delivered in the mid-market.
“This asset purchase immediately enhances our ability to better serve our broker-partners and provides opportunity and scalability to grow in the digital world.”
Novo Connection sales regional vice president Spencer Brydon said: “Having knowledge of both companies, I see a perfect fit where we can blend Allay’s front-end technology with Novo Benefits’ experience and ability to design, implement and manage self-funded health plans.
“The platform eliminates barriers to self-funding by making it easier for advisors to build and underwrite high-performing health plans in a fraction of the time.”
Allay CEO Julien Emery shared: “With the assets of both entities combined, Novo is well-positioned to take Allay to the next level and deliver their existing service at scale.
“Having an in-house, technology-first strategy will help drive better health outcomes, lower costs, and a better experience for employers and employees across the country while providing greater efficiency and peace of mind for broker partners.”